Crypto exchange Binance doubles staff figures in Brazil
Binance has announced that it will be opening two new offices in Brazil, with the team behind the operation doubling in number.
Bitcoin price is looking to maintain support at the $44,000 USD level heading into the next month. The price of Bitcoin saw a minor dip in price over the weekend, before bouncing back above $45,000 USD. Some analysts are pointing out that more miners are selling, which has resulted in the latest dip.
While this might sound like a reason for caution, it might be bullish in the long-run. According to Glassnode, the Bitcoin Spent Output Profit Ratio (SOPR) has seen a “full reset”, meaning profit-taking might have abated and long-term investors will be looking to hold
The daily #Bitcoin Spent Output Profit Ratio (SOPR) has seen a full reset, and turned negative for the first time in five months – investors were on average moving BTC at a slight loss, indicating profit-taking has abated.
Chart: https://t.co/Nx2Ulu6AwZ pic.twitter.com/xxwE31aB5k
— glassnode (@glassnode) February 28, 2021
Decentrader co-founder Philip Swift also noted that the SOPR dip is worthwhile considering as a metric in the market’s future health. He believes that this is a possibly bullish point in the crypto market, especially in conjunction with last week’s funding rates which have historically been followed by a price hike.
As he noted:
Spent Output Profit Ratio (SOPR) has now reset (green on the chart) meaning that wallets selling are now selling at a loss. This is a strong ‘buy the dip’ signal in a bull market.
This alongside derivative fundings having reset is bullish.#Bitcoin pic.twitter.com/Ns8Ltw0Aog
— Philip Swift (@PositiveCrypto) February 28, 2021
March a bearish time for Bitcoin
Many traders, however, remain cautious about where Bitcoin might be headed this month. Historically, this time of year has had a hard time gaining and maintaining strength. Last year in March, Bitcoin saw a crash in price before gaining back its value over the year. Experts believe that this current price level of Bitcoin, between $44,000 USD and $45,000 USD remains the key level to watch.